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Dell Inc. may delay a shareholder vote on a $24.4 billion buyout offer from founder Michael Dell and private-equity firm Silver Lake for a second time, The Post has learned.
Dell shareholders are scheduled to vote on the $13.65-a-share takeover proposal tomorrow, but Dell’s special committee is weighing pushing back the vote again, sources said.
After months of lobbying, Dell delayed the shareholder vote set for last Thursday to buy more time to persuade shareholders to change their vote or cast their ballots. Several big investors were vocal in their opposition to the plan ahead of the gathering.
The latest delay would allow Dell to move forward the date of record for shareholders who are eligible to vote on the deal. The current date of record for stockholders entitled to vote is June 3.
Under Delaware law, Dell should hold the shareholder meeting within 60 days of the record date, or Aug. 3; otherwise, it will need to establish a new record date for shareholders.
Holders of 22 percent of Dell’s shares who were able to vote did not cast their ballots last week before Dell postponed that vote at the last minute. Shares that aren’t cast are counted as no votes against the deal.
With the future of the struggling PC maker on the line, there is speculation that some investors who did not vote have sold their shares but owned them as of the record date.
“It’s an easier deal to get done if you change the record date,” a significant Dell shareholder said.
Dell declined to comment.
A lawyer who has advised boards and special committees said he is wondering at what point the company pressures Michael Dell to sweeten his offer.
“When does the committee say there are no further extensions?” said the lawyer, who asked to remain anonymous.
“You have to call everybody’s bluff,” he added.
Dell’s shares slipped 12 cents to $13.02 yesterday.